Natural Gasoline, OPIS Mt. Belvieu Non-TET vs WTI 1st Line Future

Description

A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting the average of the daily prices published by NYMEX for the location specified in Reference Price B from the average of the daily prices published by OPIS for the location specified in Reference Price A.

Market Specifications

Trading Screen Product Name

Natgaso OPIS/Crude Diff Futures

Trading Screen Hub Name

MT.B-ENT/WTI 1st line

Commodity Code

NGW

Settlement Method

Cash settlement

Contract Size

1,000 barrels

Currency

USD

Minimum Price Fluctuation

The price quotation convention shall be One tenth of a cent ($0.001) per barrel; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Contract Series

Up to 72 consecutive monthly Contract Periods

Last Trading Day

The last Business Day of the Contract Period

Final Settlement

Average of the Reference Price A prices minus Average of the Reference Price B prices

REFERENCE PRICE A

NGL-MONT BELVIEU N. GASOLINE (NON-TET)-OPIS

a) Ref Price A - Description

"NGL-MONT BELVIEU N. GASOLINE (NON-TET)-OPIS" means that the price for a Pricing Date will be that day's Specified Price per gallon of natural gasoline for delivery on the Delivery Date, stated in U.S. cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: Non-TET N. Gasoline: Any Current Month" in the issue of OPIS that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

Average

d) Ref Price A - Pricing calendar

OPIS

e) Ref Price A - Delivery Date

Contract Period

REFERENCE PRICE B

OIL-WTI-NYMEX

a) Ref Price B - Description

"OIL-WTI-NYMEX" means that the price for a Pricing Date will be that day's Specified Price per barrel of the NYMEX Light Sweet Crude Oil Futures for the Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B - Pricing Date

Each trading day of the NYMEX Light Sweet Crude Oil Futures Contract during the Contract Period

c) Ref Price B - Specified Price

Settlement price

d) Ref Price B - Pricing Calendar

NYMEX

e) Ref Price B - Delivery Date

First Nearby Month

Final Payment Date

The second Clearing Organization business day following the Last Trading Day